India’s Adani Group to boost energy transition with $100b investment

The company said it is already building a 30-GW renewable energy park.

Adani Group chairman Gautam Adani has announced the $100b investment the company will make to boost efforts to transition to clean energy.

This will allow the company to produce the least expensive green electron that will become the feedstock for several sectors working on their sustainability goals, he said. 

Adani said efforts are already ongoing as the company is already constructing the largest single-site renewable energy park in Khavda in the district of Kutch. 

This can generate 30 gigawatts (GW) of power, bringing the company’s renewable energy capacity to 50 GW by 2030.

Adani said that India targets to install 500GW of renewable energy capacity by 2030. This goal will need annual investments of over $150b, he noted.

“The transition to green energy in India is expected to generate millions of new jobs in sectors such as solar and wind, energy storage, hydrogen and its derivatives, EV charging stations, as well as grid infrastructure development,” he said.

“The energy businesses that help to enable this transition will also create opportunities to monetise carbon credits,” he said, adding that demand for carbon credits is projected to grow at over 30% and exceed $3t by 2030.

Adani said the availability of green electron will be the primary driver of a nation’s economic progress. 

“And in my opinion, the market size for the green electron as of now has no limits,” he added.

Earlier, Adani Power announced the acquisition of a 99.8% equity stake in Mirzapur Thermal Energy U.P. Private Limited, making it one of its subsidiaries.